Belgian tax scheme ruled illegal by the European Commission

  • The EC said on Monday that an 'excess profit' tax mechanism used by 35 multinational companies in Belgium was in breach of EU state aid rules. *

  • The Commission has ordered Belgium to recover the unpaid taxes, which it says amount to some €700 million. 

  • Johan Van Overtveldt, Belgium's finance minister, said the country's government would not rule out an appeal and noted that no excess profit rulings had been issued since February 2015. *

  • The EC continues to investigate tax arrangements between Ireland and Apple, Luxembourg and Apple and the Netherlands and McDonalds.